SEATTLE — The remaining market-rate homes at Gridiron Condominiums in the city’s Pioneer Square neighborhood have been repriced at up to 20% below their original list prices.
According to executives of Realogics Sotheby’s International Realty (RSIR) and Daniels Real Estate, the manager for Gridiron Investors, LLC, the new sales campaign aligns validated market prices and new information about the emerging waterfront district in the midst of recent housing trends and recently lowered mortgage interest rates.
“Looking back, great opportunities in real estate are always marked by time and place,” says Matthew Van Damm, vice president of new developments for RSIR. “Now is the time, and Gridiron is the place. These new homes are being offered below replacement costs for immediate occupancy and present a phenomenal value for those who have been following the market and are ready to make a move in 2019.”
Van Damm points to exciting neighborhood plans for the new Seattle Waterfront District, which will include more than 20 acres of public park areas with spaces for concerts, cultural experiences, gardens and elevated views of Elliott Bay. Seattle’s new waterfront begins in the Railroad Way District — literally at the doorstep of Gridiron Condominiums.
“Now that the Alaska Way Viaduct is removed, homebuyers can better understand how the surrounding community is evolving,” he says. “The opportunity to own the future has become very clear and present.”
New listings at Gridiron include urban-one-bedroom, one-bedroom and two-bedroom homes (614 to 1,764 square feet) that are priced from $449,910 to $854,910. That’s an average of around $850 per square foot — “the best-valued, concrete-and-steel new construction condominium offered on the market,” Van Damm says.
Since September, three homes at Gridiron have sold at prices from $562,900 to $810,000, with another recent sale pending.
Built in 2018, Gridiron is a 107-unit, 11-story concrete-and-steel condominium built within the brick exterior shell of the 115-year old former Johnson Plumbing Building at 590 First Ave. S. The industrial-chic homes feature generous interiors, expansive window walls, engineered hardwood flooring throughout, and European-inspired kitchens with gas cooking and Pental quartz countertops and backsplash.
The triangle-shaped building is topped by a full-floor penthouse club with a great room, catering kitchen, fitness center, co-working lounge, elevated pet park and play area, and wraparound terraces with views of Seattle’s skyline, Elliott Bay and the Stadium District.
“My partners and I always knew that Pioneer Square was going to be a compelling neighborhood setting with its brick buildings, tree-lined pedestrian plazas, more transit options than any other downtown neighborhood, and new connection to the waterfront once again,” says Kevin Daniels, president of Daniels Real Estate.
Part of the vision was to also ensure that Gridiron offered middle-class homeownership opportunities, not just luxury units. Daniels Real Estate is releasing a limited collection of nine “moderate income units,” Daniels says. Studios are priced from $368,500 and urban one-bedrooms are priced from $421,000.
These condominiums will be sold to individuals earning at or below 115% of the area median income (AMI), which is $88,000 per year for a single-person household. Once validated, the purchaser will be able to secure a conventional mortgage to close on the home. The only other restriction is the home must be owner-occupied, not rented out, and not resold for at least one year.
Gridiron is more than 60% sold, with 32 market-rate homes available in addition to the nine income-restricted homes.